Crude prices dip on expected climb in US output

Crude prices dip on expected climb in US output

On Tuesday, crude prices sagged in thin trade, after the Easter holiday break closed many markets for as long as four days and an American government report showed ascending output.

Brent crude futures slid 9 cents, trading at $55.27. On Monday, they concluded a quiet trading session, down 53 cents, reaching $55.36.

West Texas Intermediate crude futures sagged 9 cents, being worth $52.56 a barrel. The given benchmark settled down 53 cents, getting to $52.65 a barrel.

The benchmark for American crude had also ascended for three straight weeks through Thursday, right before the Easter break.

Market participants have been pushing crude up for nearly a month. This week market experts expect some healthy price correction.   

In May, American shale output is likely to report the greatest monthly revenue in more than two years, as government data revealed on Monday because shale crude producers increase the pace of drilling with crude prices holding above $50 a barrel.

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